Granite Point Mortgage Trust: Office Distress Continues, Are The Preferreds Safe

pastorscott Granite Point Mortgage Trust (NYSE:GPMT) is down roughly 50% over the last 1 year as the mortgage REIT's book value maintains a decline led by distressed loans collateralized by US office real estate. The mREIT reported a fiscal 2024 second-quarter book value of $9.84 per share, a $1.30 sequential dip from $11.14 per share in the first quarter. This 11.7% fall over a single quarter is material and places the dip of the commons in context. GPMT is experiencing an extreme discombobulation of its l ...